Wondering how to structure loyalty programs for millennials when you're a baby-boomer, like I am, and have no idea what goes on in the mind of a millennial?
Well, here are some tips for you….
But first – let's just define…
Who Is A Millennial?
To my surprise, anyone born between 1981 and 1996 (ages 23 to 38 in 2019) is considered a Millennial. Bit of an embarrassment and a surprise actually, because it turns out that both my sons are at the top end of the age range of being millennials. But then… still not 100% sure I understand them – although they're ‘coming on' – HAHA.
Marketing To Millennials
Perhaps no generation has been as scrutinized by marketing professionals as millennials. It seems that every day, there’s a new article about how they’ve fundamentally changed some industry or another with their unconventional behavior and unpredictable buying trends. It’s not unusual to hear observers talk about millennials as if they were an alien species from another planet. Behind all the histrionics, of course, it is normal humans who comprise the millennial generation. They may have some unique quirks that they don’t share with their parents or grandparents, but they will and do respond to many of the same motivators.
For example, loyalty programs are very popular with millennials. The idea of earning rewards and creating value by remaining loyal to a brand is one with a lot of appeal. However, getting the most out of these consumers means tweaking the formula to engage with their unique characteristics. Rather than simply offering a “buy 10, get one free” approach, businesses must tap into what makes these young people tick. Appealing to their sense of community by partnering with a charitable organization is one example.
How To Structure Loyalty Programs For Millennials
To reach millennials, businesses must design loyalty programs that appeal specifically to the group. Here are some tips to accomplish that.